In the face of receiving dramatic annual increases in property tax bills, in 1978, California voters passed Proposition 13, which has limited the rate of property tax increases for the past 40 years, so long as certain criteria are met.

About Prop. 13

Prop. 13 limits property tax increases to 1 percent of the property’s assessed value. Assessed value cannot be increased more than 2 percent per year. Prop. 13 also provides that property taxes may include any bond payments or special assessments as approved by voters. All special assessments must receive a two-thirds vote. Importantly, a key provision of Prop. 13 for tax planning purposes is that properties will only be reassessed after an ownership transfer or if substantial improvements have been made to the property.

Efforts to Change Prop. 13

Recently, the voters of California rejected an effort to expand protections for property owners as set forth in Proposition 5. Prop. 5 would have allowed some homeowners to take lower property taxes with them when moving.

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John D. Teter Law Offices

John D. Teter Law Offices is located in San Jose, California, the hub of Silicon Valley, and the San Francisco Bay Area. We represent clients throughout the United States and around the world regarding their federal tax and California tax matters including the local areas of San Jose, Campbell, Cupertino, Los Gatos, Sunnyvale, Mountain View, Saratoga, Milpitas, Palo Alto, Redwood City, San Mateo, San Francisco, Oakland, Pleasanton, Walnut Creek, Fremont, and Santa Clara County.